Adgeco: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Adgeco
Largest movements
- Cash +€8,759
up €8,759 (+166.7%), from €5,255 to €14,014
mainly Net result for the year (+€29,374) and Other debts (+€6,361)
- Tangible fixed assets -€1,430
down €1,430 (-86.7%), from €1,650 to €220
- Receivables within one year +€720
up €720 (+1.6%), from €44,977 to €45,697
of which Other amounts receivable: +€14,220
- Other debts +€6,361
up €6,361 (+21.8%), from €29,240 to €35,601
- Tax, wage and social debts +€2,405
up €2,405 (+13.6%), from €17,656 to €20,060
- Trade debts -€656
down €656 (-37.0%), from €1,772 to €1,116
- Gross operating margin -€21,353
down €21,353 (-34.1%), from €62,540 to €41,187
- Staff costs -€16,091
no longer reported in 2025 (was €16,091)
- Depreciation -€4,083
down €4,083 (-74.1%), from €5,513 to €1,430
- Taxes -€923
down €923 (-8.8%), from €10,494 to €9,570
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €53,733 | €62,204 | +€8,471 | +15.8% |
| Fixed assets | 21/28 | €1,650 | €220 | -€1,430 | -86.7% |
| Tangible fixed assets | 22/27 | €1,650 | €220 | -€1,430 | -86.7% |
| Furniture and vehicles | 24 | €1,650 | €220 | -€1,430 | -86.7% |
| Current assets | 29/58 | €52,084 | €61,984 | +€9,901 | +19.0% |
| Amounts receivable within one year | 40/41 | €44,977 | €45,697 | +€720 | +1.6% |
| Trade receivables | 40 | €24,000 | €10,500 | -€13,500 | -56.3% |
| Other amounts receivable | 41 | €20,977 | €35,197 | +€14,220 | +67.8% |
| Cash at bank and in hand | 54/58 | €5,255 | €14,014 | +€8,759 | +166.7% |
| Deferred charges and accrued income | 490/1 | €1,851 | €2,273 | +€422 | +22.8% |
| Total equity and liabilities | 10/49 | €53,733 | €62,204 | +€8,471 | +15.8% |
| Equity | 10/15 | €5,017 | €5,391 | +€374 | +7.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17 | €391 | +€374 | +2172.0% |
| Amounts payable | 17/49 | €48,716 | €56,813 | +€8,097 | +16.6% |
| Amounts payable within one year | 42/48 | €48,668 | €56,778 | +€8,111 | +16.7% |
| Trade debts | 44 | €1,772 | €1,116 | -€656 | -37.0% |
| Suppliers | 440/4 | €1,772 | €1,116 | -€656 | -37.0% |
| Taxes, remuneration and social security | 45 | €17,656 | €20,060 | +€2,405 | +13.6% |
| Taxes | 450/3 | €17,656 | €20,060 | +€2,405 | +13.6% |
| Other amounts payable | 47/48 | €29,240 | €35,601 | +€6,361 | +21.8% |
| Accrued charges and deferred income | 492/3 | €48 | €35 | -€14 | -28.4% |
| Remuneration, social security and pensions | 62 | €16,091 | - | -€16,091 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,513 | €1,430 | -€4,083 | -74.1% |
| Other operating charges | 640/8 | €575 | €921 | +€346 | +60.2% |
| Non-recurring operating charges | 66A | €538 | - | -€538 | |
| Gross operating margin | 9900 | €62,540 | €41,187 | -€21,353 | -34.1% |
| Operating profit (loss) | 9901 | €39,824 | €38,836 | -€987 | -2.5% |
| Financial income | 75/76B | €225 | €224 | -€1 | -0.3% |
| Recurring financial income | 75 | €225 | €224 | -€1 | -0.3% |
| Financial charges | 65/66B | €307 | €116 | -€191 | -62.3% |
| Recurring financial charges | 65 | €307 | €116 | -€191 | -62.3% |
| Profit (loss) for the period before taxes | 9903 | €39,742 | €38,944 | -€797 | -2.0% |
| Income taxes | 67/77 | €10,494 | €9,570 | -€923 | -8.8% |
| Profit (loss) for the period | 9904 | €29,248 | €29,374 | +€126 | +0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €29,248 | €29,374 | +€126 | +0.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.